Latest news with #bankingfraud
The Herald
21-07-2025
- The Herald
Gqeberha bank employee jailed for cyber fraud
A 35-year-old woman has been sentenced to five years' imprisonment for her role in what was described as a meticulously orchestrated fraud scheme involving the unlawful access and manipulation of a customer's banking profile. The Gqeberha regional court had found Lusanda Gloria Qose, 35, a former sales and service consultant at First National Bank at Pier 14, guilty of fraud, cyber fraud and the unlawful use of a customer's credentials following her abuse of internal banking systems between January 22 and April 24 2024. The complainant, Mlungwana Maranti, 68, held an Encore account linked to a Money Maximiser account and a registered cellphone number used for authorising transactions via FNB's inContact system. Qose unlawfully changed his cellphone number on the bank's system using her employee credentials, diverting all one-time-pin authorisations to herself without the complainant's knowledge or consent. She further created a second bank card linked to the complainant's accounts, which she used to transfer funds from the Money Maximiser account to the Encore account and conducted multiple ATM withdrawals over three months. These fraudulent transactions resulted in a total loss of R245,000. The bank ultimately refunded the complainant and absorbed the financial loss. Qose used her employee number to access FNB's core operating system, which contains confidential customer and transactional information. She bypassed internal security protocols such as two-factor authentication and online fingerprint verification, and manipulated digital records to create the false impression that Maranti had authorised the transactions. The court found that Qose's actions were premeditated and sophisticated, involving multiple system breaches over an extended period. She pleaded guilty to all charges, citing financial distress as her motive. During sentencing proceedings, she and her aunt testified in mitigation, stating that she was a single mother of two children, aged 13 and 17. She has since repaid R87,000 through a deduction from her pension fund and expressed remorse for her actions. In a victim impact statement facilitated by court preparation officer Eric Blouw, Maranti detailed the emotional toll the crime had taken on him, detailing the trauma of watching his retirement savings vanish. He also revealed that he had even contemplated taking his own life. The court heard that Qose was fully aware that the funds she stole were earmarked to grow the complainant's retirement nest egg. Specialised Commercial Crimes Unit prosecutor Edmyrach Matabata argued that, despite Qose being a first-time offender, her gross abuse of trust and exploitation of a vulnerable senior citizen warranted a custodial sentence. The court concurred, emphasising that though the accused demonstrated remorse and potential for rehabilitation, the offence not only harmed the victim but also eroded public trust in the financial system. Welcoming the sentence, Eastern Cape director of public prosecutions advocate Barry Madolo said: 'This sentence underscores the National Prosecuting Authority's commitment to protecting the integrity of the financial sector and the rights of the vulnerable. 'Insider fraud is a growing threat, and we will continue to prioritise the prosecution of those who abuse their positions of trust to commit financial crimes. 'The NPA remains steadfast in its efforts to ensure accountability for those who exploit access to sensitive information and to deliver justice for victims of complex financial and cybercrime.' The Herald
Daily Mail
09-07-2025
- Sport
- Daily Mail
NFL star falls victim to brutal scam and loses more than a quarter of his annual salary
NFL star Dallas Turner has been scammed out of $240,000 after falling victim to a brutal banking fraud scheme, according to an investigation by Twin Cities police. In a report by the Minnesota Star Tribune, it is claimed that Turner was contacted by an individual impersonating a JPMorgan Chase banker back in February. The person told Turner that another individual was attempting to impersonate him and that they planned to conduct a transfer at a bank branch in Arizona. The Vikings star was then advised to send $120,000 to two separate bank accounts in order to try and prevent the, fake, theft attempt. Turner complied before swiftly realizing that it was all a hoax. According to the report, Turner has recovered just $2,500 of the $240,000 which he lost out on after police began an investigation into the incident. They obtained a search warrant to seize the records from the bank which Turner sent the money to and have since 'identified several suspects'. According to the Tribune, the Vikings provide players with training about fraud three times a year and call in experts to provide their advice as well. Turner was a first-round pick out of Alabama and is now entering the second year of his lucrative $15.76 million rookie contract with the Vikings. He received $8.28 million as a signing bonus. He then took home a salary of $750,000 for the year. Turner did not register a start during his rookie season however did feature in 16 games. During that time, he recorded 20 tackles, three sacks and an interception.
South China Morning Post
25-06-2025
- South China Morning Post
Vietnamese tycoon Truong My Lan escapes death penalty, to serve life in jail
Vietnamese real estate tycoon Truong My Lan, who masterminded a US$12.5 billion banking fraud , has avoided the gallows after the government on Wednesday scrapped the death penalty for eight crimes, including embezzlement. Lan, the chairwoman of property giant the Van Thinh Phat Group, was sentenced to death last year on embezzlement and bribery charges. Her lawyer said the sentence 'will be converted to life imprisonment' after the National Assembly abolished capital punishment for eight offences, which included espionage, corruption, and an attempt to overthrow the government. Giang Hong Thanh added that Lan was 'very happy'. Lan was convicted last April of using multiple ghost companies to gain control of the Saigon Commercial Bank (SCB), plundering US$12.5 billion from the lender. But total damages caused by the fraud may have hit US$27 billion, according to prosecutors. In May, an appeal court ruled that Lan, 68, could escape the death penalty if she paid back three-quarters of the amount stolen.
Khaleej Times
15-06-2025
- Khaleej Times
Dubai: Man jailed, to be deported for making illegal purchases with stolen credit card
A Dubai court has sentenced an Arab man to one month in prison, fined him Dh7,596, ordered the confiscation of the device used in the crime, and ruled for his deportation after he was found guilty of using a stolen credit card to make illegal purchases. According to a report by Emarat Al Youm, the man was referred to the Dubai Misdemeanor Court by the Public Prosecution on two charges: unlawfully using a credit or debit card or its data to obtain funds, and unauthorised access to sensitive digital information, including bank account data and electronic payment methods. Despite the defendant denying the charges, the court found sufficient evidence to convict him. The defendant did not appeal the verdict. This comes just months after a similar high-profile incident in March, where a Dubai-based Asian doctor discovered her credit card had been used to make 14 unauthorised transactions totalling over Dh120,000, all while she was in the operating room performing a surgery. In that case, the doctor told Khaleej Times she only learned about the fraudulent activity after leaving the operating theatre. She was left in shock after being held accountable for the charges by her bank, despite never having authorised the payments. Cybersecurity experts warn that such cases are becoming increasingly common in the UAE, with some public sector institutions facing up to 50,000 cyber threats daily. But customers affected by banking fraud say they are often met with blame, silence, or harassment by debt collectors, rather than receiving support or protection. As online transactions grow, so do the loopholes exploited by criminals. Experts urge residents to monitor their accounts closely, enable transaction alerts, and report suspicious activity immediately.
